Redeem mxHYPE

Redeeming mxHYPE converts it back to native HYPE at a 1:1 ratio. Redemption is a two-step process: request now, claim after a cooldown. An Instant option with a small fee is also available when the protocol's buffer has liquidity.

Current cooldown: 2 days. This value is read live from HypeConfig.redeemCooldown() and can be adjusted by governance. The active value is always shown in the UI and is authoritative.

If your mxHYPE came from unstaking smxHYPE, the yield you earned was already realized at the claim step. Redeem is just converting mxHYPE back to HYPE.

Standard redeem

1. Request a redemption

With the mxHYPE tab selected at the top, choose Redeem and enter the mxHYPE amount you want to redeem. Make sure Standard is selected in the dropdown next to the button. The app displays:

• Your mxHYPE balance.
• The HYPE you will receive (equal to the mxHYPE amount).
• A tip showing the cooldown length read live from the protocol config.

Click Approve & Redeem mxHYPE. The first wallet prompt approves the vault to take your mxHYPE, the second calls HypeVault.requestRedeem(amount).

After this, the cooldown starts. A new card appears under Redeem requests with status Cooldown and a countdown timer.

Your mxHYPE is transferred to the vault at request time and held as a claim on HYPE. The 1:1 rate is locked in when you request; the mxHYPE in a pending request does not earn yield (it was never staked).

2. Wait for the cooldown

The Waiting column counts down. The cooldown length (currently 2 days) comes from HypeConfig.redeemCooldown() and is displayed live in the UI. Governance can adjust this parameter; future changes will be announced before they take effect.

3. Claim your HYPE

When the cooldown ends, the badge flips from Cooldown to Ready (green) and the Claim button becomes active.

Click Claim and confirm. The transaction calls HypeVault.claimRedeem(requestId), burns the mxHYPE, and sends native HYPE to your wallet at the 1:1 rate.

"Waiting for liquidity"

Occasionally a request's cooldown has ended but the badge shows Waiting for liquidity instead of Ready. This means the redemption escrow does not yet hold enough HYPE to pay your request. The protocol replenishes the escrow as it unwinds positions; no action is needed on your side. Check back later and the badge will flip to Ready.

Instant redeem

Select Instant (0.3% fee) from the dropdown. The app quotes the HYPE you will receive and the fee. If instant exit is available, click Redeem mxHYPE: the first prompt approves mxHYPE to the instant-redeem contract, the second calls instantExit(amount). You receive HYPE in the same transaction; no cooldown.

Instant redeem is served from a protocol-funded buffer, so it is not always available. The app shows Instant Exit Unavailable and a reason when:

• Instant exit is paused.
• Your amount is below the instant minimum (currently 2 mxHYPE).
• The buffer doesn't hold enough HYPE for your amount. Try a smaller amount or use Standard.
• The instant queue is full.

Multiple requests

You can have multiple redeem requests outstanding at the same time. Each shows as its own card with an independent cooldown. You can claim them in any order as each one becomes ready.

Troubleshooting

• "Insufficient mxHYPE balance": check your mxHYPE balance.
• Cooldown shows - (dash): the cooldown has ended; the Claim button should be active, unless the card says Waiting for liquidity.
• Claim fails / gas estimation fails: usually means the request isn't ready yet, or the escrow is still short of HYPE. Refresh the page and check the badge.
• "Switch your wallet to HyperEVM Mainnet": your wallet is on another network. Switch to HyperEVM and retry.